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PJT Partners Interview Questions
These are real technical questions asked in recent PJT Partners interviews, sourced directly from candidates who went through the process — not a generic guide. Below: what to expect, worked answers to the most representative questions, and common mistakes that trip candidates up.
What PJT Partners' interview process actually looks like
PJT's first rounds are dense with multi-part numeric problems — three-statement builds, diluted share count calculations, and UFCF walkthroughs that build on each other. Their superday has historically run four rounds covering a resume grill, leadership-focused behavioral, a sell-side advisory case study, and a market-awareness/pitch round.
Real questions asked in recent PJT Partners interviews
Question: A company sells $10 of inventory for $100. It receives $60 in cash and the other $40 is in accounts receivable. Assume a 33% tax rate. What is the three-statement impact?
How to answer it: Income Statement: Revenue of $100, COGS of $10 (the inventory sold) gives Pretax Income of $90 (assuming no other costs); taxed at 33% (~$29.70 tax expense) gives Net Income of about $60.30. Balance Sheet: Inventory decreases $10, Accounts Receivable increases $40, Cash increases $30.30 (the $60 collected minus $29.70 cash taxes paid), and Retained Earnings increases by the $60.30 of Net Income — assets and equity both rise by $60.30, so the balance sheet stays in balance. Cash Flow Statement: starts with Net Income of $60.30, adds back the $10 decrease in Inventory (a source of cash), subtracts the $40 increase in AR (a use of cash), landing at Cash Flow from Operations of $30.30, which ties out to the cash increase on the balance sheet.
Common mistake: Increasing cash by the full $100 sale amount instead of just the $60 actually collected
Question: A company has 10,000 common shares outstanding, 100 call options at a $10/share exercise price, 50 restricted stock units (RSUs), and 100 convertible bonds with a par value of $100 and a $10 conversion price. The stock trades at $20/share. What is the diluted equity value?
How to answer it: Options (treasury stock method): 100 options at a $10 strike are in-the-money at $20; exercise proceeds are $1,000 (100 x $10), which buys back 50 shares at $20 (1,000/20) — net new shares of 50. RSUs have no strike price, so all 50 RSUs convert directly with no offsetting buyback. Convertible bonds: each $100-par bond converts into 10 shares ($100/$10 conversion price); across 100 bonds that's 1,000 new shares, and since $20 is above the $10 conversion price, they're in-the-money and treated as converted (if-converted method) rather than kept as debt. Total diluted shares = 10,000 + 50 (options) + 50 (RSUs) + 1,000 (converts) = 11,100. Diluted Equity Value = 11,100 x $20 = $222,000.
Common mistake: Applying the treasury stock method to the RSUs — they have no exercise price, so there's no buyback to net against
Also reported from recent interviews at this firm:
- A company has a Net Debt/EBITDA of 3x, an EV/EBITDA of 10x, and a market cap of $560 million. What is the company's EV?
- A company has $500 million in revenue, a 20% EBITDA margin, D&A at 5% of revenue, capex of $35 million, inventory that goes down by $25 million, and accounts payable that goes up by $25 million. Assuming a 25% tax rate, what is Unlevered Free Cash Flow?
- In a DCF, the exit terminal value is 10x EBITDA, terminal EBITDA is $100 million, FCF conversion is 70%, and WACC is 9%. What is the implied perpetuity growth rate?
- Company A has a P/E of 5x and acquires Company B, which has a P/E of 8x, using 50% stock, 25% debt, and 25% cash. The cost of debt is 5%, the foregone interest on cash is 2%, and the tax rate is 50%. Is this accretive or dilutive? (No calculator.)
Full explanations and common mistakes for these — plus the rest of our Firm Specific bank — are in the app.
How to prepare specifically for PJT Partners
Generic IB prep guides cover the fundamentals every bank tests, but firm-specific patterns like the ones above only show up when you're practicing against real, recently-reported questions rather than a static 400-question PDF everyone else is also using. ApexIB's Firm Specific question bank is built directly from questions candidates report after their actual interviews — including PJT Partners — with AI grading and full explanations, not just a list.
Frequently asked questions
What's PJT Partners' interview process like?
First rounds are technical-heavy with multi-part numeric problems. Superdays have historically run four rounds: a partner-led resume/behavioral round, an MD-led leadership round, a VP-led case study on sell-side advisory, and an MD-led market awareness and pitch round.
Does PJT allow a calculator in interviews?
Not always — some candidates have been told explicitly no calculator is allowed for certain technical questions, so practicing mental math on multi-step problems matters.
Where do these questions come from?
Directly from candidates who interviewed at PJT Partners and reported their questions afterward, not from a generic template applied to every firm.
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